Approved by Board of the Central bank of the Republic of Uzbekistan of November 2, 1998 No. 423

Regulations on transactions between banks and the related persons

This Provision is developed according to article 26 of the Law "About Banks and Banking Activity". The purpose of this provision is prevention of conflict of interest when implementing banking activity. This Provision determines procedure bank of transactions with the faces tied with banks and requirements for provision of the reporting under transactions of banks with the related persons.

1. General provisions

1.1. The faces tied with bank are:

a) officials, including, chairman and members of council of bank, chairman of the board and his deputies, chief accountant of bank and its deputies, head and chief accountant of bank branch, other employees of bank;

b) any physical person who is the large shareholder of bank, i.e. the owning 10% or more authorized capital of bank.

c) any person who is the close relative of persons which are marked out in the subitem (a) or this Item;

d) any legal entity who is the large shareholder of bank;

e) any legal entity in whom the bank is large shareholder;

e) management (members of council and Boards) the legal entities who are marked out in subitems (g) and (д) this Item and also close relatives of these leading employees.

1.2. Person, is considered the face tied with the bank acting on behalf if this person acts on instructions of the connected person or if transaction with such person is profitable to the connected person. In particular, treat persons acting on behalf of the face tied with bank: legal representatives of the connected person;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info